<html><body>
Buying off the plan, or buying “new”, can be incredibly exciting for home buyers of any level of experience. For first time buyers, it can also be daunting.
While there are many positives associated with buying off the plan, and it can be useful to get in early and lock in a price prior to the property being purchased, there are a number of risks to be aware of.
Firstly, if you’re interested in purchasing off the plan you can read our How To series about going through the buying process.
Here are the risks that you need to have on your radar.
You may not be satisfied with the end product
You can look at as many renders, artists impressions, show homes and samples as you like, but nothing quite compares to seeing the actual property in the flesh. Similarly, unless your contract is very specific and you get it looked over, you may see variance in the quality or brands of your finishes, fixtures and appliances. Make sure these elements are specifically stated in the contract.
The market may fall while the property is being built
If the market drops during the development’s construction phase, you may face yourself needing to foot a bill that’s more than the bank will lend to you if the valuation comes in lower at settlement. This can pose significant difficulties to those without substantial funds behind them, and can push your finances backwards. On the other hand, the market could increase over this time. You will want to make sure that any market increases haven’t been factored in to the price already – don’t be paying tomorrow’s prices unless it is already tomorrow.
Rental forecasts and guarantees may be off the mark
Just as the sales market can drop, the rental market can fluctuate as well. This may leave your rental yield flagging, or your property vacant, if you haven’t considered where the rental demand is heading. Similarly, those guarantees provided by unscrupulous developers can often come unstuck. Perhaps they require you to stick with their selected property management company or jump through another set of hoops. Know what terms are behind this guarantee ahead of time.
The area becomes oversupplied with other off the plan developments
Developments have a habit of cropping up together. If you’re buying into an area with lots of developer interest and property demand, you’ll want to make sure that by completion the area won’t be oversupplied or facing a potential future oversupply.
The developer may go bust or there may be delays 
Make sure you do your research on the developer and other professionals involved in creating your property prior to purchasing. While some delays are unavoidable, and you should prepare for them, such as weather-related delays, others can be caused by poor planning from developers. If it spans out by a significant period of time, you could face your funds being tied up elsewhere, costing you time and other opportunities. If it’s a home, then you may need to seek out other accommodation in the event of a delay. Some developers can even go bankrupt, leaving you in the lurch.
Rates increasing before you can fix
In the current low interest rate environment it’s unsurprising that many are interested in fixing their loans to take advantage of the low repayments required. However, if you’re buying off the plan now then you won’t be taking the loan out until further down the track – this means that you’ll be facing the interest rates then. With all the predictions at the moment, it’s likely <a href="/expert-insights/finance/more-than-one-interest-rate-rise-on-the-cards-for-2015-anz">the rate may be higher by the end of next year</a>.
However, with the right research and careful decision making, off the plan properties can present good buying for some investors and home buyers.
Here are<a href="/expert-insights/five-tips-for-protecting-yourself-when-buying-an-off-the-plan-property"> five tips to protect yourself when purchasing off the plan</a>.  
</body></html>

jduke-EHk3XBmHkn

Six risks that come with buying off the plan

<html><body>
Living regionally isn’t something that every first time buyer is able to accomplish. There are, of course, some things tying people to the capital cities across Australia.
In saying that, for those willing or able to take the plunge into regional property ownership, there are a number of opportunities further out of the city centres that come with a cheaper price tag, or higher rental yields if you’re intending to invest.
Often, when growth has surged in the capitals, regional areas are yet to catch up. This can provide opportunities for those who just saw their desired property soar past them in value.
There are also regional relocation grants potentially on offer. For instance, in New South Wales, a <a href="https://www.osr.nsw.gov.au/grants/rrg/hrb" target="_blank">$7,000 has been available for some time</a> (this closes on 30th September), provided certain criteria are met, And there are often grants for skilled workers willing to relocate to a regional area.
We’ve outlined a select few of the numerous pros and cons that exist to choosing a regional location to live in for first home buyers and new investors.
What’s worth a note is that, for this particular article, ‘mining towns’ are not considered ‘regional towns’ – even while many of them are regionally located. Due to their riskier nature, <a href="/expert-insights/buying">observer Pete Wargent has called them “insane” as an investment</a>. For those still keen on the idea, then you might want to read <a href="/expert-insights/buying/five-tips-to-make-the-right-moves-investing-in-a-mining-town-simon-pressley">Simon Pressley’s five tips for making the process a bit more successful</a>.
Resort or <a href="/expert-insights/investing/regional-towns-a-budget-property-investment-option-but-avoid-one-industry-mining-towns-monique-sasson-wakelin">tourist towns are also potentially under this banner of being ‘unusual’ regional areas</a> that offer one major driver and little protection if that industry should drop.
Here are the pros and cons to start thinking about.
For home buyers:
PROS
<ul>
<li>Cheaper entry points 
</li>
<li>“Tree change” lifestyle 
</li>
<li>Extra government incentives may be available</li>
</ul>
CONS
<ul>
<li>Volatility (due to smaller populations, and single industry towns can suffer quick downturns) 
</li>
<li>Infrastructure and loss of busy city lifestyle doesn’t suit everyone 
</li>
<li>Getting employment can be tricky</li>
</ul>
For investors:
PROS
<ul>
<li>Cheaper entry points 
</li>
<li>Often higher yields 
</li>
<li>For those with investments or a home in a city, it can offer some diversification for the portfolio 
</li>
<li>May be less competition to purchase in</li>
</ul>
 CONS
<ul>
<li>Volatility (due to smaller populations, and single industry towns can suffer quick downturns) 
</li>
<li>Can be a smaller tenant pool 
</li>
<li>Decent property management in some areas can be a challenge 
</li>
<li>Infrastructure isn’t always as forthcoming 
</li>
<li>The same supply restrictions seen in many capitals are not as evident 
</li>
<li>Can be hard to renovate/repair a property yourself if it’s not located near you 
</li>
<li>The same lack of competition when buying in may mean that it takes longer to sell</li>
</ul>
Regardless of whether you’re buying solely as a home, or as an investment, it’s worthwhile considering market fluctuations and the volatility of some areas – particularly smaller markets.
Angus Raine, from Raine &amp; Horne, previously provided these three things to look out for when purchasing in a regional area:
<ol start="1">
<li>Robust economies 
</li>
<li>Strong employment prospects 
</li>
<li>Population growth</li>
</ol>
With these points in mind, it’s worth noting that many first time buyers have been taking the plunge into regional properties.
See over page for Q&amp;As with two home buyers who have done the regional shift
<hr class="system-pagebreak">
 
It’s all well and good talking about moving regionally – but who's actually done it?
Here are two examples of young first time buyers who have purchased regional property.
These New South Wales based home buyers all moved to an "<a href="https://www.evocities.com.au/" target="_blank">Evocity"</a>, a joint initiative between the state's regional cities: Albury, Armidale, Bathurst, Dubbo, Orange, Tamworth and Wagga Wagga.
Name: Matilda Julian
Age: 29
Employment: Self-employed solicitor
Salary: $50,000 - $60,000 per annum
<img src="/images/2014/09/24/IMG_20130512_165033.jpg" alt="">
House, Geurie, Dubbo, NSW
Year purchased: 2009
Number of bedrooms, bathrooms, garaging and any other descriptor details: 2 bedrooms, garage
Cost: $250,000
Deposit:  $50,000 deposit
Why did you choose to buy in a regional area?
I relocated from Sydney to Dubbo after I graduated from University to start my career. I had also saved up some money and could afford to buy a beautiful house out here on my own.
Why did you want to buy here?
I have always been very a homely person, so I like to do things around the house like gardening and raising chickens. Therefore I wanted a property I could invest in for the long term, and within 6 months of moving to Dubbo I bought my own home.
Have you lived in a regional area before?
I grew up in Bilpin in the Blue Mountains, so I was used to open spaces.
How have you found living in the area?
I have found that community networking is strong in regional areas. In times when I have been out of work, my strong community contacts have allowed me to easily and quickly find employment. Due of the low cost of living and renting commercial areas, it is also (and in my experience) extremely viable to start small businesses in regional areas, without the risk associated in more metropolitan areas like Sydney.
How did you hear about the area and properties?
The local paper has a Domain section each week. I was browsing the section and saw the picture of the house I bought and still live in - It was something like love at first sight!
Has this been a significant lifestyle shift for you?
Yes, I now live on three acres of land, with space to have a dog, chooks and a vegetable garden. When I lived in Ashfield I didn’t know my neighbours and I couldn’t mentally bring myself to maintain the garden because of limited time I had and I didn’t know how long I would live there.
How long do you see yourself living here for?
I could stay here and be happy. I am open to moving, but now it would have to be for a significant reason, such as falling in love. But the idea of never moving again is a nice one.
 
Name: Marilyn and Tim Stebbings
Age: 34 and 39
Employment: self-employed, Corporate debt recovery consultant and event manager
Salary: $55,000
<img src="/images/2014/09/24/House%20front.jpg" alt="">
House, 1,667sqm block, East Tamworth, NSW
Year purchased: 2012
Number of bedrooms, bathrooms, garaging and any other descriptor details: Amazing views, 4 bedrooms, 2 bathrooms, 2 care spaces, huge lounge room with views all over town, renovated kitchen, renovated bathroom, large laundry with sewing area, polished timber floors, fire place, ducted reverse cycle, beautiful pool, full size tennis court, double car accommodation, work shop and loads of storage.
Cost: $450,000
Deposit: $200,000
Why did you choose to buy in a regional area?
I had lived in Sydney for 10 years and there was no way Tim and I could afford to buy in the suburbs we wanted with the house size we needed to accommodate our two young children. So we decided to look outside of Sydney to enter the property market and to better manage our work/life responsibilities.
Once Tim secured a position with Tamworth’s local Motor Group, we made the decision to move to Tamworth, and were surprised to find that within only a few months we have been able to purchase a house and our cost of living has reduced.
Why did you want to buy in Tamworth?
First of all, Tamworth is a beautiful area to raise and grow a family. Also, we wanted a house and backyard with plenty of space for our kids and their friends to play and enjoy themselves. We really wanted our house to be a self-contained entertainment centre with a swimming pool, tennis court and space to run around so they could stay at home more and we could enjoy time as a family.
Have you lived in a regional area before?
I have always lived in capital cities. I was raised in Perth and moved to Sydney when I got older. So making to transition to Tamworth was a little bit of an adjustment for me. But Tim on the other hand grew up in a similar sized city in New Zealand, so he made the change very easily.
A common view of regional areas is that they do not have many employment opportunities, or leisure options. What has been your experience of this?
I do not agree with this. There are plenty of job opportunities in a very large range of industries in Tamworth, especially as the city grows more. I have also noticed there is a lot of potential for people to start businesses and be hugely successful too.    
How did you hear about the area and properties?
Tim and I love to scan realestate.com.au from time to time and we happened to stumble across our current house. At first we weren’t too keen on it from the images we saw. But we decided to take a walk through of the house anyway and ended up buying the house!
Has this been a significant lifestyle shift for you?
Yes, having the husband home more and being able to work my life around the kids instead of them work around mine. It has also been great to expose the kids to some unique experiences like milking dairy cows, something they probably won’t have done if they lived in Sydney.
How long do you see yourself living here for?
To start off we were committed to staying in Tamworth for 2 to 5 years. However, the longer we stayed here, the more friends we made and the more we got involved with the community we actually increased our commitment to 15+ years. So really a long-term plan to live here.
Read over the page for their five steps to a successful regional relocation
<hr class="system-pagebreak">
Home buyers looking for regional options will find themselves easily catered for, even if currently looking in the capital cities. With state and territory government pushes on to get skilled workers moving to regional areas, regular expos and events are held to help people move further out. For instance, the <a href="https://www.goodmove.vic.gov.au/" target="_blank">Regional Victoria Living Expo </a>that is held each year from Good Move, a government initiative, showcases all the different regions. 
They have five steps they suggest for a successful regional relocation:
<ol>
<li>
DO YOUR HOMEWORK Think about what you’re looking for and what you would like around your new home. Whether it’s schools, housing, certain kinds of employment, health care, access to public transport, access to Melbourne – there’s bound to be a place that ticks all the boxes for you. Think about your spouse’s employment needs and how they can be met too. 
</li>
<li>
VISIT BEFORE YOU DECIDE There’s no substitute for spending time in an area. Get to know some of the locals. Ask them about the area – what’s good and not so good. Talk to real estate agents, school principals, hospital administrators, business owners and local Council staff. Explore the different kinds of lifestyle – regional city, a small town or hobby farm. 
</li>
<li>
RENT FIRST IF YOU'RE NOT SURE If you’re in any way unsure about your move, rent before you buy. You can spend enough time to get to know an area without committing to a major financial decision. And if you decide this part of regional Victoria is not for you, it’s easier to explore another. 
</li>
<li>
TAP INTO THE COMMUNITY Regional Victorians are a friendly lot, so becoming part of your new community should happen very quickly. Through school, work, sports clubs and service clubs, there are people ready to reach out and make you welcome. So don’t be backward in coming forward. 
</li>
<li>
BE PATIENT It won’t happen in just a day. Give yourself time to build the networks and connections you need to feel at-home. Once you’ve moved, make sure you immerse yourself in exploring the area, particularly on weekends and holidays, rather than living ‘between’ Melbourne and your new home. You’ll be surprised how much there is to see and do in regional Victoria and you’ll feel more at home more quickly.</li>
</ol>
Source: Victorian Government’s Good Move
</body></html>

Real life young regional first time buyers: Could you do it?

<html><body>
Paying just $2,500 to get into property seems like a good way to buy in faster, with little cash down, and it has been making headlines this week.

Unsurprisingly, the idea that you can put down just $2,500 on a property purchase had people interested.

High loan to value ratios (<a href="/expert-insights/finance/what-is-an-lvr-investment-terms-explained">LVRs</a>), in the high 90s, have <a href="/expert-insights/investing/low-deposit-loans-lures-offered-to-first-home-buyers">been regularly seen</a>. However, it’s not often that close-to 100% loans are offered without some other sort of security.

Victoria-located HomeFirst, with the tagline “Your first home builder”, are currently running a promotion that notes that $2,500 is all some eligible first home buyers may need to start getting into property ownership.

Of course, the “$2,500 deposit*” comes with a hefty asterisk.

[smartcode_project:default project_id=29358]

This finance offer is available to eligible buyers receiving the first home owners grant.

The terms and conditions explains that you are essentially trying to make up the 5% deposit required - in part through the grant, and in part through a personal loan “which are applied to the land contract, build contract, government charges and lending costs”. The finance is arranged through Western Australia’s The Loan Company.

The idea is to get them into one of their house and land packages across Melbourne.

[smartcode_project:default project_id=3783]

Their “No deposit? No worries” line is also shared with The Loan Company’s other strategic alliance partners, including HomeStart (located in the same building as The Loan Company), whose “No Deposit? No drama” line notes that they have access to “exclusive products which are going to help young Western Australian's into new homes with NO DEPOSIT required.”

The Loan Company notes that many lenders require significant upfront deposits, which can be tricky for those in the rental trap. Their site notes that as part of the BGC Group, if you build your home with a BGC Homebuilder, then you may be eligible for their BGC NewStart No Savings Home Loan, tailor made for first time buyers to “pay zero deposit for the house or land”.

This isn’t an entirely new concept.

In fact the Home Loan Experts already note a number of criteria that you need to be able to fulfill if you want to take out this kind of loan.

This includes:

<ul>
<li>A high income to afford both repayments 
	 </li>
	<li>Little existing debt (car loans, high credit card balances, etc) 
	 </li>
	<li>A clear credit history 
	 </li>
	<li>Some savings to make up any shortfall 
	 </li>
	<li>A proven rental history (preferred)</li>
</ul>
Source: Home Loan Experts

They also note that some lenders of personal loans will not provide this to you if it’s for a home loan. And many lenders require genuine savings (although some accept rent repayment receipts as genuine savings), and so will not accept borrowed money as a deposit. This means that the number of lenders who match up well in this respect are thin on the ground, and you may not be able to get with your lender of choice or get the rate you’ve had your eye on.

Remember, personal loans have higher interest rates. Jumping onto Finder sees the lowest personal loan’s variable interest rate at 9.95%, with the majority around the 13% mark. No small figure, considering home loans are sitting around the 5% mark.

Situations in which this could make sense include those who are expecting to come into a lot of money, to then pay down their loans. However, it’s entirely individual dependent.

What this type of loan can possible do is take place of the increasingly popular ‘guarantor’ concept (where a parent or close relative provides security so that the new buyer can borrow more without having to pay lenders mortgage insurance, or LMI). Not everyone’s parents own property, or have enough equity to assist their children, and not all children want to rely on their parents for a loan.

See over page for what to do if you have little to no savings

<hr class="system-pagebreak">
 

If you have little to no savings at present, and perhaps don’t qualify or want to use the low deposit loan and personal loan combination, then you have a number of options that you can consider.

Here are five things to have on your radar.

Use a guarantor

As previously mentioned, parents can be a helpful option

Save for longer

It might not be what you want to here, but sometimes saving for longer can be the most prudent option. Here are <a href="/expert-insights/buying/13-simple-tips-to-help-first-home-buyers-save-for-a-deposit">13 simple savings tips from Mark Bouris</a>.

LMI

You may be able to get a <a href="/expert-insights/the-three-things-your-home-loan-broker-knows-that-you-dont">high LVR loan with little savings as a result of LMI</a>.

Joint Venture

You could consider <a href="/expert-insights/investing/the-six-keys-to-successful-joint-venturing-of-property-ownership-chan-naylor">buying in with a family member or friend</a>, sharing the deposit or coming up with another arrangement if they have capital but are perhaps missing another part of the equation like serviceability.

Fractional investing

This type of property investing, which <a href="/expert-insights/investing/what-is-fractional-investing-property-investment-terms-explained">allows you to buy a ‘part’ or a ‘share’ of a property</a> acts a little like shares but allows you to buy in as a group of investors.
</body></html>

A $2,500 deposit can get you into property – but what’s the catch?

<html><body>
LJ Hooker is on the market, with investment bank Lazard assisting the real estate agency network to sell the business.
The real estate agency consists of 700 franchises across New Zealand and Australia.
LJ Hooker’s chairman, Greg Paramor, confirmed Lazard's appointment to The Australian, saying that the sale process should be completed by the end of 2014.
No price guidance has been given, but it was previously purchased in a lesser state in 2009 for around $67 million.
How much it may sell for today, however, is anyone’s guess.
The official statement from LJ Hooker provided to Property Observer notes that when the company was acquired from Suncorp in late 2009 it was done so by an investment group with a horizon of three to five years, and with the time period approaching they have appointed the corporate adviser.
It notes that the majority of the shareholders remain committed to LJ Hooker and that for the brand it's "business as usual".
While the outcome could potentially be one purchaser, sources say it's more likely the case that a number of investors would buy in.
The group has had approaches from local and offshore parties, including private equity, the Australian Financial Review reported mid-week. 
LJ Hooker, founded by the legendary Sir Leslie Hooker in 1928, is one of the nation’s best-known brands.
</body></html>

LJ Hooker expected to be sold by end of 2014

<html><body>
Mirvac has released a new "augmented reality" experience for their Wharf’s Entrance development that will show a 360 degree tour of the four hectare creation’s apartments, offices, luxury properties and communal facilities on either an iPad or smartphone.
It uses the accelerometer of the device to use your position to then show the renders of the inside and out of the properties, which aleter depending on where the device is pointed. Daytime and night time views are available, with Mirvac group executive John Carfi saying that it will change how people buy off the plan.
“One of the greatest challenges when buying off the plan is relying on artistic renders and your own skills of visualisation to conceptualise the place you are proposing to call home,” Carfi said.
“Augmented reality finally brings this process into the 21st century, assisting purchasers in buying the right apartment for them before it is built, with confidence the space will perfectly suit their needs and feels right.”
Property Observer is told this is an achievement above that of <a href="/expert-insights/buying/the-4d-age-of-property-hunting-chapman-green-beecroft">Chapman Green Beecroft’s 4D app technology</a> due to its ability to activate without being directed at a brochure or other collateral.
<a href="/expert-insights/buying/mirvac-continues-westward-along-the-yarra-with-wharfs-entrance">Mirvac’s offering is available at their display suite in Yarra’s Edge</a> from this month, and will see prospective buyers downloading an app.
Cleverly, the interested parties must visit the display suite to then unlock ‘further experiences’, such as interactive room views, to then show others at home.
But are these apps really going to encourage a purchaser to choose one development over another? We’re undecided.
{mijopolls 42}
 
 
</body></html>

Mirvac’s new Wharf’s Entrance app: Do leading technologies really help sell apartments?

Why Century 21 agents are wearing pink, not gold, in October

<html><body>
Any time someone in my family buys property, I know about it. Property fever is in the air regularly in my extended family – I have cousins who are real estate agents, many of them invest, and a few of them have also recently become first home buyers themselves. I am no stranger to the excitement that buying property causes.
Even my parents are in on the action. They are currently in the process of designing plans for a newly purchased block midway between Canberra and New South Wales. It’s a 10 plus hectare land plot that I visited with them on a road trip when back on my last trip back to Sydney, and I absolutely fell head over heels for it.
They’ve bought into the second stage of a rural subdivision and have picked a block that’s conveniently bare save for a few distinctive boulders and trees, largely flat and has a creek running through one end. It has views all the way over the little town that it is adjacent to. Their home plans are also impressive – with a beautiful verandah, a huge kitchen and walk in pantry, energy efficiency measures and an entertainment wing with a sunken snooker table and cinematic-style projector room. It’s essentially their dream home – the property they’ve been planning for years that saw them selling out of Sydney’s north west and hunting for their final nest.
The effect that seeing this had on me was fairly immediate. My initial reaction was to want to know everything about the property and the process. The settlement was painfully slow, and I wanted to know why. Later, they found the land being used for agistment by local farmers, and I listened in on the hilarious attempts of my parents to move cows from their plot so they could wander around. Daily, I’m told plans that they have for it, the tiny changes to the kitchen plan, and intricate discussions about the Kitchen Work Triangle and building chicken coops.
And then, somewhere in the process, I decided I wanted the block next door.
For most people, this is going to sound odd – don’t most of us move out, have our own lives, and endeavour to live as far away from our parents (and in laws) as possible?
But you should see this land.
For the sake of my parents’ privacy I won’t share the address, but it’s stunning. It’s no secret that regional areas hold a huge charm for me, and I was easily taken. While the block doesn’t have the enviable views of my parents’ selection – it’s over the road and down the hill somewhat from their next home – it has a brick bridge for train tracks that runs through it with an infrequent train service (and some freight) over a creek. It’s spacious, and I had basically already chosen where I’d have the house built and where I’d be putting my barbecue before I'd left.
My partner and I have been preparing and slowly saving away for our next property; we have been undecided as to whether it should be an investment or a home in Melbourne given our relocation. This block is just in the range of what we can afford, provided lending doesn’t become an issue in the area, and I called my mother to chat it over.
<blockquote>
We have been preparing and slowly saving for our next property; but have been undecided as to whether it should be an investment or a home in Melbourne.
</blockquote>
We figured that I could buy it for our retirement, and build on it when prepared to live rurally in the distant future. Quickly, I was calling it “my block” (don’t you love how easily that happens?) and checking out my lender of choice's repayment calculator, doing my own sums. My Dad, a bullish property investor – although we rarely agree on locations or what to buy – told me that if I wanted then I could put solar panels onto it, and have some of it grazed by the farmers to provide some form of an income. Obviously, there are some tax implications to this that I’d need to consider, but it was starting to shape up to something worth considering and that could actually work.
See over page for why I decided to steer clear of purchasing
<hr class="system-pagebreak">
But then the dawn of realisation occurred.
The day I retire and do my own “tree change” is some decades into the future. I would be laying down no small sum, taking on a large amount of debt, for an asset that doesn’t produce any real rental income. I then wouldn’t be using it for a long time, and the repayments would put a toll on my ability to save and pay down other more immediate debt. With the funds that I’d be using to purchase something that I dearly wanted, and was starting to daydream about, I might actually be stopping myself from achieving more by being wiser with my purchases. Unless you’re one of the lucky few with bottomless bank accounts, then you’re going to need to be careful with your money.
My ability to stomach risk now is likely higher than it will be in 30 or so years. If I choose a property that underperforms, I can weather it through. What is less likely to work, however, is if I tie up all my capital and push myself to full capacity with debt that stops me from investing further in growth assets. Not to mention that my partner doesn’t necessarily want the same things in retirement that I do (that is, to live within walking distance of my family and not within easy driving distance of anything resembling civilisation).
There are also the other considerations – one being that the area will substantially change by the time I come to live there, meaning it might not be the rural haven I'm after when it comes to retiring, or that my own goals and desires to live like this will also alter.
Or I might need to sell up due to a change in my own financial circumstances. This is just one of many regional areas that moves very slowly. Days on market are extensive for the very few properties that come to market each year, not to mention for that particular type of comparatively large landholding. While my investing ‘profile’ suggests that I can handle more risk – this risk of tying up my capital in a very slow moving asset is certainly not the type of risk I am prepared to deal with.
For this reason, my future tree change location is a dream that I’m putting on hold. It’s the pain of the opportunity cost, and risking better more targeted purchases, that I cannot stomach. Not everyone will make this decision – to choose their head over their heart – but it’s the advice that we’re frequently hearing and considering these implications now will hopefully pay off in the future.
It’s amazing how closely linked our heart strings and our purse strings are. Sure, it might ‘feel right’, but I’m getting increasingly used to having to rein in my desire to purchase something – when you write about property every day you inevitably stumble across stunning cheap “renovator’s dreams” and cheapie Tasmanian heritage homes that you’ve already mentally decided to buy, where the dogs would sleep, what colour you’d paint the walls and so on. These “five unusual NSW renovation opportunities” that I put together in May, for instance, had me hooked for a while. Church conversion? I can see myself in that. Old warehouse requiring substantial work and potential sweat/blood/tears? No problem. 
There's nothing wrong with thinking like that, but there may be an issue with acting on it without due care.
If you’re like me, you might get caught up in the dream of property a bit (a lot), but you need to give yourself that ‘step back’ breathing room where you do a bit of a logic test on your decisions. Just because you love it, doesn’t mean that you should buy it. This isn't a pair of shoes, or a fancy meal, this is an often decades-long financial commitment. If you're looking to invest, it's not about your emotions, or even about your instinct a lot of the time. It's about the cold, hard facts and numbers. And, no matter how much you’ve researched it, no matter how close you are to signing on the dotted line, if it’s not right for you – you can look for something else.
<blockquote>
There's nothing wrong with thinking like that, but there may be an issue with acting on it without due care.
</blockquote>
I’m still learning this lesson, but the fact is that my parents have taken this time, lived in undesirable areas and earned their dream home – both through long careers that they’re still building and through many other years of paying off a mortgage and planning for this. I have a few more stripes yet to earn before I can do the same, so it's back to the drawing board.
</body></html>

Letter from the editor: Opportunity cost is one of the biggest risks

<html><body>
Four new townhouses at Burleigh Heads are on the market through Ray White Burleigh Waters’ Mark Stafford, who notes it’s the first of this type of development in seven years.
Developed by Bob England, the development at 17 Stephens Street, Burleigh Heads includes four townhouses with three bedrooms, two bathrooms and powder rooms in each.
Stafford notes that the demand in <a href="/news">Burleigh Heads</a> has been substantial, with new developments needed in the area.
“Last year Burleigh Heads saw capital growth of 14.9%,” he said.
“The market is hot and there are no signs of it slowing down. This development is built by one of the most respected builders in the area and we anticipate a high level of interest throughout the marketing campaign.”
The main bedrooms include private balconies.
Local and interstate buyer interest is anticipated, with an ‘offers to purchase’ campaign beginning on Saturday 26 September, closing 23 October.
The current median house price for the area, according to RP Data, sits at $588,000, with units recording a $375,000 median.
</body></html>

New Burleigh Heads townhouses on the market from Bob England

<html><body>
A recent Tribunal case concerning a rental property in Kaleen, ACT proves a point: if a tenant is struggling with financial hardship, they must apply to Tribunal to break their lease, rather than simply move out.
The tenants vacated the property on 31 May 2014 and stopped paying rent after giving eight weeks notice of intention to vacate, and the premises were not re-tenanted. They were on a 12 month lease that was not yet complete, and were advised that they were unable to break the lease.
One of the tenants had been given a role in Melbourne, and so had quit their job and provided the notice to the landlord.
The only one of the two landlords, who were living on the Solomon Islands, was employed, with the weekly $475 rent from the<a href="/news"> Kaleen</a> home paying a housing loan.
The tenants had paid several thousand dollars to vacate the Kaleen property, move to Melbourne and obtain the Melbourne premises, and then paid $1,300 per month for a rental in Melbourne.
A senior Tribunal member said the landlords "were likely to suffer considerable financial hardship as a result of the loss of the rental income from this fixed term tenancy".
“The information before the Tribunal was that the landlords would be returning to live in the premises in mid-2015, and taking into account the current state of the rental market in the ACT, it is likely that the financial loss of the landlords will be extensive,” said senior member Lennard.
As resolution for what the Tribunal called a ‘break lease’ situation, it was said that the landlords are entitled to act for compensation. The agent acting on behalf of the landlords said that they would agree to the tenants paying the equivalent of eight weeks rent to end the matter. This included a $1,900 bond, and a further $1,900 from the tenant, which was agreed to by the tenants.
The tenants were ordered to pay the four weeks rent in fortnightly payments from 19 June.
What does this mean for tenants and landlords?
The Tribunal was of the view that they could not retrospectively terminate the lease, as the tenant had already done so. It would have been prudent for the tenant to apply for Tribunal first.
“Section 44 of the Act provides that if the Tribunal decides to terminate a residential tenancy agreement on the grounds of hardship, the date of termination is to be determined after considering the relative levels of hardship suffered by the tenants and the landlords,” Lennard explained.
“The words of the section contemplate that the date of termination will be determined by the Tribunal and will be at some time between the date of hearing and eight weeks from the date of hearing.”
Similarly, it is down to the hardship to be faced by both landlord and tenant, and it must be significant to warrant breaking the contractual lease.
“The Tribunal nevertheless considered the submissions of the tenant as to the hardship they would suffer and the submissions of the landlords as to the hardship they would suffer.
“Hardship is not confined to financial hardship and may encompass financial, medical, and personal forms of hardship. While the Tribunal acknowledged that the tenants would suffer financial hardship as a result of the decision to vacate the premises and move to Melbourne, the Tribunal did not consider that this was significant hardship.”
</body></html>

Tenants must apply to Tribunal for hardship rather than break lease: Lessons from ACAT

<html><body>
Over three floors on Toorak’s 27-31 Washington Street, six new residences, including a penthouse, are set to be built by Orchard Piper.
The <a href="https://washingtonstreet.com.au/" target="_blank">Washington Street </a>properties include two ground-floor “garden residences” with north facing gardens, one of which includes a swimming pool. It also includes three first floor residences called “The Terraces”. Atop the building is the penthouse, covering a whole floor.
Garden residences have either three or four bedrooms, and are sized from 360 square metres.
First floor apartments are three bedroom options from 245 square metres.
The penthouse is four bedrooms, with 580 square metres of floor space.
The penthouse includes a gym, pool, private garage with separate lobby, dedicated lift access, and a 1,300 bottle wine room and bar. It will have city views.
Expectations are for the penthouse to sell for in excess of $15 million.
Custom interior packages have been commissioned through Jolson Interiors, which will be different for each apartment, and each will come with AV packages.
Stephen Jolson of Jolson Architecture is behind the design, with landscaping by Eckersley Garden Architecture. Lighting designer Lindsey Adelman designed the custom entry lobby fitting.
Director of Orchard Piper, Luke McKie said that their style was for understated elegance and thoughtful interior design.
The development is currently open for registrations of interest, and is being sold locally through Marshall White, with interstate and international enquiries through Knight Frank.
Orchard Piper is also behind Toorak’s St Johns Lane, which is currently under construction. St Johns Lane is also being created in conjunction with Jolson and Eckersley, as is their South Yarra offering Davis Avenue.
</body></html>

Orchard Piper launches six new boutique Toorak apartments

Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Jennifer Duke

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News